US Funds

Payden Equity Income Fund Adviser Class (PYVAX)

$16.72

NAV ($)

$0.24

NAV change ($) as of 2/23/2018

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The fund invests primarily in large-capitalization common stocks with above-average dividend yields and other income-producing securities such as preferred stocks, master limited partnerships and real estate investment trusts. The fund focuses on companies that have strong fundamentals and are expected to achieve positive earnings and dividend growth.

Role In Portfolio

Large-Capitalization Value – Appropriate for conservative equity investors who seek current income and moderate exposure to equity markets.

Fund Highlights
Seeks to provide current income and equity market participation through a variety of stocks, sectors and security types such as common and preferred stocks, master limited partnerships (MLPs) and real estate investment trusts (REITs)
Expects a large component of the total return to come from dividends
Seeks to achieve lower volatility and better risk-adjusted returns than competitors and the broad market
Fund price may fall when the U.S. stock market declines

Fund Snapshot
Fund Inception Date Nov 1, 1996
Share Class Inception Date Dec 1, 2011
Ticker PYVAX
CUSIP 704329259
Fund Total Net Assets $3,383.6 million
Benchmark Russell 1000 Value Index
Net Expense Ratio 1.05%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $100,000
Investor Class - IRA $100,000
Advisor Class - Regular Account $5,000
Advisor Class $2,000
SI Class $50,000,000
Additional Investment - All Classes$250

A Low Cost leader
Payden Equity Income Fund Adviser Class (PYVAX) Morningstar average:
Large Value
Net Expense Ratio 1.05% 1.12%

Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.

To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.

The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.

Portfolio Characteristics
Fund Inception Date Nov 1, 1996
Share Class Inception Date Dec 1, 2011
Total Net Assets $3,383.6 million
Average Duration N/A
Average Maturity N/A
30-Day SEC Yield (02/16/18) 1.76%
30-Day SEC Yield (unsubsidized) 1.73%
Top Holdings
Top Holdings Sector
JPMorgan Chase Financials
Lockheed Martin Industrials
Cisco Systems Information Technology
Enterprise Products Partners Energy
Microsoft Information Technology
Spectra Energy Partners Energy
Magellan Midstream Partners Energy
Intel Information Technology
Texas Instruments Information Technology
Altria Group Consumer Staples
Sector Breakdown
Sector Percent of Portfolio
Financials22%
Technology16%
Energy14%
Health Care9%
Industrials9%
Consumer Discretionary8%
Consumer Staples6%
Utilities5%
Real Estate5%
Telecomm3%
Total 97%

Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.

To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.

The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (12/31/2017) 15.51% 15.51% 10.32% 13.41% N/A 13.26%
Month-end (1/31/2018) 4.11% 19.32% 12.35% 12.97% N/A 13.81%
Yearly Returns
201715.51%
201614.57%
20151.49%
201414.49%
201322.03%
20129.78%
20113.64%
Expenses
Total Annual Operating Expense 1.05%
Net or Actual Operating Expense 1.05%

Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.

To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.

The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.

Fund Commentary

MARKET
U.S. large-cap equities posted its best quarterly return (+6.2%) in two years driven by optimism surrounding tax cuts.
Better-than-expected corporate quarterly earnings results and the synchronized global expansion have sent stock prices to record highs.
On a sector level, consumer discretionary (+9.9%) and information technology (+9.0%) were the best performers for the quarter, while utilities (+0.2%) and health care (+1.5%) were the worst performers.
Security type performance was mixed for the quarter with high-dividend stocks posting strong returns, which nearly kept pace with the broad equity market. Conversely, master limited partnerships, preferred stocks, and real estate investment trusts were market laggards.

OUTLOOK
We maintain a positive outlook on equities for 2018 based on moderate economic growth of 3% in a still low interest rate environment.
Valuations are above historical averages, but equities should continue to be supported by strong corporate earnings growth with 2018 consensus growth estimates in the low double digits.
Dividends should be intact. Stable corporate profits and record amounts of cash on balance sheets should support increased dividend payouts.
We favor areas that we expect to provide both above-average dividend yields and dividend growth, such as financials and technology stocks.

Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.

To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.

The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.